JAKARTA. PT Bumi Serpong Damai Tbk (BSDE), a real estate developer and management company, has concluded the acquisition 91.99% of PT Suryamas Dutamakmur Tbk (SMDM).

The entire shares were taken over by BSDE from Top Global Limited (TGL). With the buying price set to IDR 531 per share, BSDE spent a budget of IDR 2.33 trillion for this acquisition of SMDM.

The transaction of SMDM acquisition took place yesterday (23/10). “After this transaction, the company has now become the new controlling shareholder of SMDM,” said Hermawan Wijaya, Director of BSDE, in the official statement.

“We expect SMDM to make positive contribution in landbank acquisition for long-term project development,” added Wijaya.

According to IDNFinancials data, SMDM is also a property developer and management company established circa 1989. Its first project was Rancamaya Golf Estate, which was opened for public in 1993.

SMDM has been publicly listed on Indonesia Stock Exchange (IDX) in 1995. Now, its market capitalisation was recorded at IDR 2.43 trillion. (KR/ZH)